History of Andhra Bank

Andhra Bank is a medium-sized public sector bank (PSB) of India, with a network of 2803 branches, 4 extension counters, 38 satellite offices and 3636 automated teller machines (ATMs) as of 31 Mar 2016. During 2011–12, the bank entered the states of Tripura and Himachal Pradesh. The bank now operates in 25 states and three Union Territories. Andhra Bank has its headquarters in Hyderabad, India.



The bank was registered on 20 November 1923 and commenced business on 28 November 1923 with a paid up capital of ₹100,000(US$1,500) and an authorised capital of ₹1 million (US$15,000) In 1956, linguistic division of States was promulgated and Hyderabad was made the capital of Andhra Pradesh. The registered office of the bank was subsequently shifted to Andhra Bank Buildings, Sultan Bazar, Hyderabad. In the second phase of nationalisation of commercial banks commenced in April 1980, the bank became a wholly owned Government bank. In 1964, the bank merged with Bharat Lakshmi Bank and further consolidated its position in Andhra Pradesh.
IndiaFirst Life Insurance Company is a life insurance company in India. It is a joint venture between two of India’s public sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK’s financial and investment company Legal & General(26%). It was incorporated in November 2009. It has its headquarters in Mumbai. IndiaFirst Life made more than ₹2 billion(US$30 million) in turnover in just four and half months since the insurance company became operational. IndiaFirst Life insurance company is headquartered in Mumbai. IndiaFirst is the first life insurance company to be recommended for ISO certification within 7 months of inception.
The Government of India owns 63.97% of its share capital as on 31 Dec 2015. The state owned Life Insurance Corporation of India holds 7.66% of the shares. The bank has done a total business of ₹3,106 billion (US$46 billion) and has earned a net profit of ₹5.40 billion (US$80 million) for the Financial Year 2015-16.

Andhra Bank is a pioneer in introducing Credit Cards in the country in 1981.
Andhra Bank has ranked No.1 in terms of number of Life Insurance Policies mobilised amongst all the agency banks dealing with the Life Insurance Corporation of India. The bank also has tie-up with United India Insurance Company Limited under Bancassurance (Non-Life).

Financial Details
Total Business volume of the bank in the third quarter of the 2008-09 financial year stood at Rs. 95, 822 Crores, while the Total Deposit volume during the same tenure was Rs. 53,795 crores. 

As of 31st of December, 2008, Andhra Bank had a client base of more than 18.5 Million customers with 2194 Business Delivery Channels. Till the same date, the bank had 1,410 branches spread across 22 states and 2 Union Territories, out of which 1,067 branches have been enabled with Centralized Core Banking Solution (CBS). While the total number of ATMs summed up to 685, the bank had a Per Employee Productivity of Rs 6.92 Crore. 

Products And Schemes
Apart from regular banking services and solutions, Andhra Bank has introduced some attractive services such as AB Premium Current Account and AB Privilege Corporate Salary Savings Bank Account with extra benefits to the customers. Also, the bank has launched AB Saral Housing Loan scheme featuring housing loans upto Rs. 20 Lacs. 

Andhra Bank has also partnered with various financial institutions like Kotak Mahindra, Reliance, Birla Sun Life Mutual Fund and Fidelity Mutual Fund, assisting them in sales of their Mutual Fund products. The bank has also signed a Memorandum of Understanding (MoU) with Maruti Suzuki Ltd. for financing 4 wheeler vehicles. 



Pioneering Efforts
Andhra Bank is the first bank in India to have launched mobile biometric ATMs. These ATMs stop at predestinated sites, and instead of entering the personal identification number (PIN), the customers have to match their finger prints with their recorded finger prints in the bank database. This has enabled even the illiterate or uneducated customers of the bank to enjoy the ATM facility being offered by the bank. 

Social Activities
As an initiative to empower the society, the bank has established 10 Rural Training Institutes, which have provided training to 76,300 candidates for getting successfully self employed. The institutes offer free training, lodging, boarding facilities coupled with to and fro travel expenditure to the candidates undergoing the training programmes. 

Head Office
Andhra Bank, 5-9-11, 
Saifabad, Hyderabad City,
Andhra Pradesh - 500 004 
Website: http://www.andhrabank.in.
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